ACADEMIA

Lightyear Network Solutions announced its financial results for the year ended December 31, 2011.

“We believe Lightyear is continuing to build positive momentum as management navigates the Company during this challenging economic environment,” said Stephen M. Lochmueller, Lightyear’s Chief Executive Officer. “Several key figures from the year ended December 31, 2011, improved from the previous year, including, most significantly, our approximately $4 million improvement in year over year non-GAAP EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization and Impairment Loss).”

Financial highlights for 2011 include:

• 2011 non-GAAP EBITDA improved to $1.3 million, compared with a loss before interest, taxes, depreciation, amortization and net gain on bargain purchase of $2.5 million in 2010;
• 2011 net loss from operations was $900 thousand, compared with 2010’s loss from operations of $2.9 million;
• Due to the redemption of the 9.5 million shares of Convertible Preferred Stock, the Company reported a deemed dividend of approximately $11.8 million, or approximately $0.54 per diluted share;
• Loss per Common Share before the deemed dividend for the redemption of Convertible Preferred Stock was $0.03.